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Published On: Fri, Dec 22nd, 2017

What is the Value of My Home? Get Insight from Experts like Roy Dekel of Setschedule

The value of the physical structures in your home is subject to depreciation as time goes. However, the land on which the house is sitting will continue to appreciate in value. This is worth noting given that most people investing in real estate use most of their funds to make the purchase.

Basically, concentrating on accommodation and functionality of a home can limit your ability to create wealth through the investment. Instead, you should be keen on the aspects that drive the value of your home.

photo Alina Ku-Ku via Shutterstock

The land on which the home is built is critical

While this distinction may appear like a small matter from the surface, it can make a lot of difference in a property deal. In most cases, the property prices are influenced by the forces of demand and supply and the physical appeal along with functionality affect the price to a degree.

However Roy Dekel of Setschedule says these characteristics hold less weight when compared to the land location and prospects in the area. Because land is a fixed asset, investors tend to prefer areas with high prospects since the supply of land is limited. As the population increases, demands soar unless there are certain forces in the market making the area unattractive.

Unlike the land, the home built on it will depreciate in value and occasionally, you need to inject some capital for maintenance.

The neighborhood where it’s located: Roy Dekel opens up to those asking “what is the value of my home?”

According to Roy Dekel, designs can be similar but not all neighborhoods are perceived the same. If a house is in an area with minimum traffic and more security for kids, people tend to compete for residential spots as opposed to areas known to have high traffic.

If a neighborhood has limitations to construction of facilities that aren’t fit for the community living there, the prices will be higher.

In addition, buyers will look at the demographics when making the decision. If the prospective buyer has children, they want a home in an area where the kids can easily find playmates rather than be in a spot with seniors. If your home is in a place nearby to basic amenities like schools and medical care, it’s likely that you are sitting on a goldmine and there is no need to ask “what is the value of my home”?

Check Setschedule for similar homes in the area

You can contact a real estate agent with sufficient experience with property in your area. A good agent from Setschedule will conduct a comparative analysis which is basically benchmarking your home with similar homes that have been on the market for the last three months. The idea here is to generate an average amount that can act as a guideline for your property. During this process, it’s important to limit the comparison to houses with similar functionality as well as acreage.

When you are constantly asking “what is the value of my home”? You can also talk to your neighbors and find out what they think about the pricing in the area. If you are lucky, you can find one who has sold a house in a similar area and has an understanding of prevailing market forces.

Author: Pankaj Deb

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